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Question
A retailer purchased an item for ₹ 8,000 from a wholesaler and sells to a customer at 15% profit. The sales are inter-state and the rate of GST paid by the customer is 10%. The amount of GST paid by the customer is ______.
Options
₹ 460
₹ 920
₹ 1,840
₹ 92
Solution
A retailer purchased an item for ₹ 8,000 from a wholesaler and sells to a customer at 15% profit. The sales are inter-state and the rate of GST paid by the customer is 10%. The amount of GST paid by the customer is ₹ 920.
Explanation:
Cost price of an item for Retailer = ₹ 8000
Profit = 15%
Selling price of an item to the customer (Inter State Transaction) = C.P + 15% of C.P.
= `8000 + (15/100 xx 8000)`
= ₹ 8000 + 1200
= ₹ 9200
Rate of GST = 10%
∴ IGST = 10% of ₹ 9200
= `(10/100 xx 9200)`
= ₹ 920
∴ Amount of GST paid by customer is ₹ 920
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